As a noncustodial wallet platform, we’re big on privacy and empowering our users. That’s why we’re excited to welcome guest blogger and online freedom advocate, Faith MacAnas, this week. In her post, Faith covers the basics of 3 online privacy boosting tools with bitcoin users in mind. To find out what they are, dive in below!
In recent security-focused posts, we’ve touched on phishing email red flags, the importance of SSL, and password managers. But did you know there’s something you can do as a user to also help shut down a malicious copycat site for good? Keep reading and we’ll explain why this is so important and how you can do it.
Thanks to everyone who shared this blog post to get the word out about Sharechain. On February 10th, Sharechain’s site was taken down and is no longer available.
They say imitation is the sincerest form of flattery. Unfortunately, when it comes to phishing scams, that imitation can lead to big issues for unsuspecting users. Most recently, we’ve been targeted by a site called Sharechain which looks very similar to ours and claims to sell Blockchain shares for profit. Please be advised that we have no affiliation or connection with Sharechain.
We’re working to get the site taken down but, in the meantime, we strongly caution users against using sites who falsely claim to be affiliated with our company. Always examine the URL and SSL certificate displaying in your browser to make sure you’re in the right place before you ever submit your wallet credentials.
Thanks for joining us for our end of January news roundup, where we recap the latest bitcoin and fintech headlines. Today we’re filling you in on the digital gold vs digital cash debate, speculating on what could happen with bitcoin if the Internet shut down, and we share key takeaways from recent industry-shaping events. Read on for these headlines and more!
It takes guts to embark on a new career adventure but the bitcoin space is likely one of the more fast-paced, exciting and rewarding industries out there. And luckily for us, it tends to attract the best and brightest. Our most recent hires are no exception. Meet four marvelous new additions to our team who have all made quite the impression on us since they came aboard in the latter half of 2016.
In our previous post, we covered the what, why, and how surrounding bitcoin transaction fees. In today’s post, I want to dig further into the details and answer some of the most common questions about bitcoin transaction fees.
How can I calculate my transaction size so I’ll know what fee to attach to it?
You can’t easily do this on your own, and thankfully, many wallets can do this for you. For example, the Blockchain Wallet uses dynamic fees that calculate the required fee for you so that your transaction will confirm as reliably and quickly as possible. You also have the option to set your fees manually by using Advanced Send. Different wallets handle fees differently, and you should find out how your wallet handles the fees for you (if at all).
What happens if I don’t attach any fees to my bitcoin transaction?
Before transactions get packaged into blocks and inserted into the blockchain they wait around in the transaction pool, also known as the memory pool (or mempool for short). Each transaction in the mempool has a certain degree of priority. The priority is based on the amount of coins sent (higher = greater priority) , the age of the coins (older = greater priority) and the transaction size (smaller = greater priority).
I will not go into detail about what each of these parameters mean, but what is important to understand is this: some transactions have such a high priority that they don’t even need any fees attached. The first 50kb of each of transaction space in each block is set aside for high priority transactions. Other transactions may sit in the mempool for a long time, mature, and then finally move forward in priority in order to be included in the next block.
What if my transaction is still stuck in the mempool due to low fees or low priority?
If your transaction is stuck, it will either sit there long enough to gain a higher priority, or it will get rejected and flushed out of the mempool within roughly a week (in most cases). Once it’s been rejected, you’ll be able to try re-sending with a higher fee. Some wallets will give you the option to resend a specific transaction with higher fees in case it’s not confirmed; however, if you use a wallet with dynamic fees, you can likely avoid this entirely. As a last resort, miners will sometimes have spare space left in their block and will include zero transaction fees on a best effort basis, but it’s not recommended to count on this method.
To wrap things up:
- Fees should be calculated depending on the transaction size (and it’s not based on the amount of bitcoin being sent). This can be done automatically by your wallet (e.g. dynamic fees).
- If your transaction isn’t confirmed for a long time, either check with your wallet if you can change the fee attached to it or wait for it to get flushed out of the network and then resend it.
We hope Ofir’s posts have helped sharpen your know-how on bitcoin transactions and fees! If you still have questions, connect with us on Twitter, Facebook, or visit our Help Center for even more resources.
A bitcoin blogger since 2013, Ofir owns 99Bitcoins and the popular Bitcoin Obituaries section. He is an Internet marketer and public speaker focused on getting as many people as possible to know what bitcoin is and why it is so important.
Block chain technology is poised to reengineer the world as we know it. In fact, there is general consensus that the technology will revolutionize industries as varied as finance, fashion, government and healthcare, among others. While the technology offers a great deal of promise, it is in its nascent stages and there is still much to explore in understanding the future we’re helping build. It’s that perspective that keeps us committed to research and development. And that commitment, in turn, has led to groundbreaking developments like Thunder. Earlier this week, we were excited to announce that we’re furthering our commitment via the launch of the Digital Asset Research Lab. In partnership with Imperial College London, this new Lab will be instrumental to exploring the transformative potential of block chain technology and digital assets.
Welcome to 2017, and our first news recap of the year. We’re two weeks in, and already bitcoin has been on a tear. It’s been dubbed the top performing currency of 2016, and the price reached highs not seen since 2013. Read on for news covering these milestones, the challenges ahead, and plenty more as we usher in a new exciting year.
Blockchain started as a geeky hacker project aimed at making bitcoin just a little more accessible by building an explorer. From those humble origins, the project grew into a passion for creating a better financial future and Blockchain, the world’s leading software platform for digital assets, was born.
Today, we run the largest block chain software platform in the world. We leverage our technology to build a radically better financial system. In doing so, our software has powered over 100M transactions and empowered users in 130 countries across the globe to transact quickly and without costly intermediaries. More recently, we added our 11 millionth wallet (and counting) and added Antony Jenkins to our board of directors.
We have been privileged to serve millions of people around the world. And, in recent months, we’ve been working to evolve our brand to better match the scope of our ambition and our growing user base.
Late last year, we launched an updated look and feel on blockchain.com, released V3 of our wallet, launched new mobile experiences, and updated our blog. Today, we’re excited to announce the next phase in the evolution of our brand: our new logo.
We arrived at this direction through visual explorations of the division of a fixed asset. With Bitcoin, there is a cap at 21 million and those bitcoins can be divided and subdivided to infinity. The block is a tiny ecosystem, and the pieces within grow, shrink and shift as the ownership of any given piece evolves. It is also a representation of how ‘many’ become ‘one’.
The specific divisions of the colors in this execution are also purposeful: they are based on measurements of the golden section.
The logo as a whole honors the heritage of our previous logos while becoming more simple, modern and optimized for the digital world we’re helping build. It brings us full circle to the very thing that attracted us to the Rubik’s cube, in the first place: all of the squares (entries in the chain) read together as a single unit (the ecosystem); the logo is a gestalt of its pieces. And the colors are build on our most recent logo.
Over the course of the coming weeks, you’ll see the new logo anywhere we’re out in public, like our web and social media sites; very soon you’ll see it in all of our products, as well.
We’re excited about the new logo, but more importantly about the role we’re playing in helping people and businesses throughout the world realize a more open, fair and accessible financial future, one piece of software at a time. Thank you for helping us make our vision a reality each and every day.
To the moon,
At Blockchain, we’re committed to helping the next generation of bitcoin block chain-focused developers. Our Internship Program helps us make that commitment a reality.
Each year we welcome great young talents who impact Blockchain, and the bitcoin ecosystem as a whole, in significant and extremely meaningful ways. These interns are given significant responsibility from day 1. The work isn’t easy but it’s rewarded with mentorship and freedom, in equal parts. And that approach is why so many interns later return to Blockchain as valuable full-time members of our team.